* 2nd-qtr earnings kick off this week
* Dollar touches 2-month high
* Yellen to testify later in the week
* Indexes up: Dow 0.03 pct, S&P 0.11 pct, Nasdaq 0.18 pct
(Adds quote, updates prices)
By Sweta Singh and Anya George Tharakan
July 10 (Reuters) – U.S. stocks were slightly up on Monday
as gains in technology stocks helped outweigh losses in
Five of the 11 major S&P sectors were higher, led by 0.65
percent rise in technology index. Facebook,
Microsoft, Apple and Nvidia propped
up the S&P 500 index.
The healthcare index was down 0.21 percent, weighed
down by Johnson & Johnson and Medtronic.
President Donald Trump’s effort to roll back Obamacare faced
growing obstacles on Monday as Republicans remained divided over
how to curb the costs of their proposed healthcare bill and
prevent millions from losing coverage.
“We’re going to have to wait and see what the plan B is.
With that I think healthcare obviously comes under pressure as
it falls into the void of the unknown,” said Art Hogan, chief
market strategist at Wunderlich Securities in New York.
Investors were wary of making big bets ahead of the start of
the earnings season, with big U.S. banks including JPMorgan
Chase, Wells Fargo and Citigroup reporting
In a significant victory for the banking industry, the Fed
late last month approved plans from the 34 largest U.S. banks to
use extra capital for stock buybacks, dividends and other
“I think that’s very reflective of the fact that you’ve got
a market that’s looking ahead to catalysts and probably not
going to react much in front of them,” Hogan said.
“When the market takes a wait-and-see attitude, the markets
tend to react like this.”
The three major indexes are trading close to record levels,
boosted by strong economic data and robust corporate performance
in the first quarter.
Markets closed on a high on Friday after a payrolls report
gave investors more confidence in the strength of the U.S.
Nonfarm payrolls increased by 222,000 jobs last month, a
report by the U.S. Labor Department showed on Friday. It was the
second biggest increase this year and topped economists’
expectations for a 179,000 gain.
The dollar climbed to a two-month high against the Japanese
yen on Monday as a robust jobs data propped up U.S. Treasury
Federal Reserve Chair Janet Yellen’s semi-annual testimony
is the key highlight of this week for investors looking for cues
on further rate hikes. She will testify on Wednesday and
At 11:32 a.m. ET (15:32 GMT) the Dow Jones Industrial
Average was up 6.42 points, or 0.03 percent, at
21,420.76, the S&P 500 was up 2.77 points, or 0.114218
percent, at 2,427.95 and the Nasdaq Composite was up
11.32 points, or 0.18 percent, at 6,164.40.
United Health was down 0.23 percent at $187.51 after
the President Trump’s plan to replace Obamacare continued to
Abercrombie & Fitch shares were down 20.6 percent at
$9.65 after the teen apparel retailer terminated discussion on a
potential deal following a review.
ClubCorp shares were up 30 percent at $17.05 after
the owner of private golf and country clubs got a takeover offer
from private equity firm Apollo Global Management LLC.
Declining issues outnumbered advancers on the New York Stock
Exchange by 1,428 to 1,347. On the Nasdaq, 1,746 issues fell and
(Reporting by Sweta Singh; Additional reporting by Anya
Tharakan in Bengaluru; Editing by Arun Koyyur)